Wormhole has released the airdrop details, with the snapshot taken on February 6th (UTC+0). A total of 6.17% of the total supply will be used for the airdrop, distributed among 397,704 eligible wallets.
The cross-chain protocol Wormhole has released the token economics and airdrop details of its governance token, W. Upon this announcement, it quickly gained market traction. According to data from Rootdata, Wormhole is currently the hottest project in the cryptocurrency industry.
Wormhole is a universal messaging protocol launched in October 2020, initially incubated and supported by Jump Crypto. It aims to enable developers to build native cross-chain applications covering multiple chains. It has evolved from initially focusing on a bidirectional cross-chain bridge between Ethereum and Solana to supporting multiple chains as a universal messaging protocol.
On February 3, 2022, Wormhole suffered a hacker attack resulting in the loss of 120,000 ETH (valued at approximately $326 million at the time). In November 2023, Wormhole completed a $225 million financing round at a valuation of $2.5 billion, with participation from investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading.
As of the snapshot release, Wormhole has connected to nearly 30 blockchains and over 200 ecosystem applications, facilitating over 1 billion messages to more than 1 million independent wallets across all its ecosystem applications.
W is the native token of Wormhole, functioning as both a native Solana SPL token and a native ERC20 token. It utilizes Wormhole's Native Token Transfer (NTT) framework to enable cross-chain functionality and can seamlessly transfer to any network connected to Wormhole.
The total supply of W is 10 billion tokens, with an initial circulating supply of 1.8 billion tokens distributed in ERC20 and SPL formats across five initial chains: Ethereum, Solana, Arbitrum, Optimism, and Base. The token will be allocated to six main categories: Guardian Nodes, Community and Launch, Core Contributors, Ecosystem and Incubation, Strategic Network Participants, and Foundation Treasury. Initially, 82% will be locked and will unlock over a four-year period. The specific allocation percentages are as follows:
Token release schedule:
Wormhole indicates that, in compliance with anti-witch measures, 6.17% (617,305,000) of W tokens have been used for airdrops, distributed across 397,704 wallets.
Of these, 500,000,000 W tokens are allocated for on-chain activities of users utilizing Wormhole ecosystem applications across over 30 blockchains connected to Wormhole, while 117,305,000 W tokens are designated for community users, such as Wormhole Discord users, various NFT communities, Monad communities, and 10,000 top-level Pyth stakers.
Users may be eligible for airdrops if they have interacted with ecosystem chains, applications, or communities within the Wormhole ecosystem. Priority for distribution is based on factors such as the duration of user engagement with the Wormhole protocol, the accumulated volume of messages and transfers, consistency of usage throughout the protocol's lifecycle, and participation in ecosystem applications.
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